Why Trump Is Right on Mulvaney, English, and the CFPB


As we’ve said the CFPB needs to be reined in. Trump is looking to do that. However the bureaucrats are not keen on giving up their power and they are making things as difficult as possible.

(From The Weekly Standard)

Trump has express constitutional authority to appoint Cordray’s replacement and, in time, will do so. But like much that happens in Washington, installing a new director of the CFPB will take time. The appointment is subject to the advice and consent of the Senate, and Senate Democrats will throw as much sand in the gears of the confirmation process as a minority party can muster. The directorship could remain vacant for months, or longer. By slow-walking the confirmation process and, at the same time, blocking the president’s appointment of an interim director, Democrats could for, the foreseeable future, extend Cordray’s regulatory mischief and forestall efforts to roll back the CFPB’s regulatory programs.

It was an open Washington secret since Cordray announced his intention to resign earlier in November that Trump was considering designating Office of Management and Budget director Mick Mulvaney as acting director at CFPB. The former Republican congressman has called the CFPB a “sick, sad joke,” and a “wonderful example of how a bureaucracy will function if it has no accountability to anyone.” As acting director, Mulvaney could be expected to begin the process of unwinding the CFPB’s regulatory overreach…

…Unless and until the Supreme Court declares the entire CFPB structure unconstitutional, the acting director controversy is likely to be a protracted one. Cordray’s latest gambit, and English’s corresponding lawsuit, asks the courts to keep bureaucratic control of the Bureau away from the only elected official in this drama, President Trump—and given Trump’s early track record before the courts, a federal judge may just grant them their wish. But it would be doing so against the legal advice of both the Department of Justice and the CFPB’s own lawyer.

The big government folks who constructed the CFPB constructed in such a way that shielded it from Congress. The Fed, not Congress controls the purse strings for the CFPB. And the Fed can create as much money as it wants. This is dangerous as the agency is also insulated completely from The People.

The CFPB was one of the largest mistakes of the Obama presidency and it needs to be put in check, if not eliminated. Eliminated would be best.

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